Intercompany Accounting and Reconciliation
It is exciting to develop, own and manage multiple properties. Frequently, transactions like accounts payable invoices and journal transactions happen between properties and companies. You want, and need, to be able to manage those transactions effectively. Opening, posting records and then closing company financials can be an all-day affair and is just plain inefficient.
Intercompany accounting is a crucial process for any company that has at least one subsidiary. It involves streamlining the processing steps involved with the cross-entity entries. What was multiple steps to record transactions correctly in each company becomes a single transaction which properly updates due to and due from accounts. This intercompany process greatly reduces the chance of inaccuracies in the company’s financial statements.
There is a better way and in the next four minutes you can learn how:
Key Benefits of Intercompany Accounting for your Company
- Centralized Accounting
Centralize cash management, vendor payments, and customer invoicing while maintaining income and expense attribution to the initiating company.
- Customized Reports and Inquiries
Deliver customized reports across one, selected, or all companies with integrated query and reporting tools. Financial reporting tools can eliminate inter-company transactions on company-wide reports.
- Role Based Access
Control access to specific companies and associated transactions based on roles and groups of users. Users with access to multiple companies can rapidly switch views without logging in again.
- Close financial periods by company
Manage financial periods separately for each company, including posting to closed periods. Activate and deactivate financial periods for posting for a particular company, and close books separately in each company within the tenant.
- Company and branch selection
Navigate between companies and branches that represent separate legal entities, as well as companies with branches that exist within the same legal entity.
Is Imperium Right for Your Business?
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